Carnival Corporation announced U.S. GAAP net income of $352 million, or $0.48 diluted EPS, for the first quarter of 2017 compared to U.S. GAAP net income for the first quarter of 2016 of $142 million, or $0.18 diluted EPS. First quarter 2017 adjusted net income of $279 million, or $0.38 adjusted EPS, compared to adjusted net income of $301 million, or $0.39 adjusted EPS, for the first quarter of 2016.

Adjusted net income excludes unrealized gains and losses on fuel derivatives and other net charges, totaling $73 million in gains for the first quarter 2017 and $159 million of losses for the first quarter 2016. Revenues for the first quarter of 2017 of $3.8 billion were higher than the $3.7 billion in the prior year.

Carnival Corporation & plc President and Chief Executive Officer Arnold Donald noted: “We are off to a good start delivering another quarter of operational improvement on top of a very strong first quarter last year. Our performance was driven by increased demand, particularly for our core Caribbean itineraries, leading to higher year-over-year ticket prices which enabled us to overcome the significant negative impact of both fuel and currency to exceed the high end of our guidance range.”

2017 Outlook

At this time, cumulative advance bookings for the remainder of 2017 are well ahead of the prior year at considerably higher prices, Carnival said.

During the quarter, both booking volumes and pricing for the remainder of 2017 have been running ahead of last year.

Donald commented, “Wave season, our peak booking period, was strong leaving us well positioned with bookings at considerably higher prices and with less inventory remaining for sale in 2017 compared to the prior year, resulting in increased earnings guidance. We are clearly benefiting from our efforts to increase cruise consideration through guest experience innovations, creative marketing, and public relations programs. We are reaching consumers through multiple touch points and laying the foundation for continued earnings improvement and sustained double digit returns on invested capital.”

The company expects full year 2017 net revenue yields in constant currency to be up approximately 3 percent compared to the prior year, better than December guidance of up approximately 2.5 percent. The company continues to expect full year net cruise costs excluding fuel per ALBD in constant currency to be up approximately 1 percent compared to the prior year. Changes in fuel prices (including realized fuel derivatives) and currency exchange rates compared to the prior year are expected to decrease earnings by $0.35 per share.

Taking the above factors into consideration, the company expects full year 2017 adjusted earnings per share to be in the range of $3.50 to $3.70 compared to December guidance of $3.30 to $3.60 and 2016 adjusted earnings per share of $3.45.